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HK Real Estate Exam
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Which are examples of demonstrating a good understanding of related legislation and requirements?
I. Promoting good working relationships with other agents.
II. Full understanding of the EAO, its subsidiary legislation, and the Code of Ethics.
III. Being updated with the developments in the real estate market.
IV. Protecting clients against frauds and any other unethical practices in relation to real estate.
V. Providing services and opinions based on knowledge, training, qualification as well as experience in the real estate business.
Estate agents and salespersons as stated in the Code of Ethics are expected to have a full understanding of all the related legislations and requirements estate agency work. They should be well informed and updated on changes in the real estate market and must use their knowledge, training, qualification, and experience to provide services and opinions to their clients.
Estate agents and salespersons as stated in the Code of Ethics are expected to have a full understanding of all the related legislations and requirements estate agency work. They should be well informed and updated on changes in the real estate market and must use their knowledge, training, qualification, and experience to provide services and opinions to their clients.
Which of the following should be observed and complied with by all licensees?
I. Employing at least one director.
II. Appointing a manager to manage the office.
III. Notifying EAA within 14 days of changing registered address.
IV. Applying as soon as practicable for replacement of license if it is stolen, damaged, or lost.
V. Sending notification to EAA within 31 days of stopping from estate agency work using Form 8 in the Schedule of the PR.
All licensees are demanded to notify EAA by completing Form 8 in the Schedule of the PR within 31 days of stopping estate agency work. Also, all licensees should notify EAA if there is any change in the registered address within 14 days of such changes and to apply for replacement of license as soon practicable if it is not in his possession or maybe it is damaged.
All licensees are demanded to notify EAA by completing Form 8 in the Schedule of the PR within 31 days of stopping estate agency work. Also, all licensees should notify EAA if there is any change in the registered address within 14 days of such changes and to apply for replacement of license as soon practicable if it is not in his possession or maybe it is damaged.
In relation to holders and ex-holders of an individual agent’s license or a salesperson’s license, which of the following situations are applicable?
I. An ex-holder of an estate agent’s license is not allowed to apply for a salesperson’s license.
II. An ex-holder of an estate agent’s license whose license has been expired for 3 months may apply for the grant of the same type of license.
III. Cris is a holder of a salesperson’s license and has completed a training course for the estate agent’s license is allowed to apply for an estate agent’s license.
IV. Switching from an estate agent’s license may be granted but not vice-versa.
V. Mark is a licensed estate agent is permitted to apply for the grant of a salesperson’s license.
Ex-holders of both types of licenses can apply for the same type as long as it is within the relevant period. A holder of both types of licenses as well can apply for switching of license. A licensed estate agent can switch to a salesperson’s license without any criteria or requirements. However, a holder of a salesperson’s license can switch to an estate agent provided he passed a qualifying examination for estate agents or he may have completed a training for estate agents on or before 31 December 2001.
Ex-holders of both types of licenses can apply for the same type as long as it is within the relevant period. A holder of both types of licenses as well can apply for switching of license. A licensed estate agent can switch to a salesperson’s license without any criteria or requirements. However, a holder of a salesperson’s license can switch to an estate agent provided he passed a qualifying examination for estate agents or he may have completed a training for estate agents on or before 31 December 2001.
What is expected of a licensed estate agent when sending an unexecuted estate agency agreement to a client for signature?
A licensed estate agent when sending an unexecuted estate agency agreement to a client for signature should send a copy to the client of the unexecuted estate agency agreement and together with it are any documents referred to in the agreement.
A licensed estate agent when sending an unexecuted estate agency agreement to a client for signature should send a copy to the client of the unexecuted estate agency agreement and together with it are any documents referred to in the agreement.
Which of the following is true for a vendor of a property?
A vendor of a property should have the authority to sell if the name of the owner of the property concerned is not the same as the vendor.
A vendor of a property should have the authority to sell if the name of the owner of the property concerned is not the same as the vendor.
Which of the following is true in relation to a licensee’s renewal of license?
I. A licensee can apply for renewal of the license at any time before the expiration of his license.
II. A licensee cannot reapply if his application for renewal has been refused.
III. A licensee should apply for renewal of license not more than three months and not less than one month before the expiration of the license.
IV. A licensee should only reapply for renewal of a license after 12 months from the date of refusal or revocation.
V. A licensee can apply for the renewal of the license in a shorter period of time provided a prior written consent for such is obtained.
A licensee can apply for renewal of license not more than three months and not less than one month before the license will expire. However, upon application, it was refused or his licensed may be revoked, a licensee can only submit for another application after the expiration of 12 months from the date when it was refused or revoked.
A licensee can apply for renewal of license not more than three months and not less than one month before the license will expire. However, upon application, it was refused or his licensed may be revoked, a licensee can only submit for another application after the expiration of 12 months from the date when it was refused or revoked.
A licensed estate agent carrying on the business of estate agency work is expected to:
I. Employ at least two salespersons with valid licenses.
II. Notify EAA if there is a change in any particulars of the business.
III. Make an application for a valid statement of particulars of business for each of his places of business under a particular business name.
IV. Display in a very visible place the relevant statement of particulars of business in the place of business.
V. Apply to EAA if there are changes in any particulars of the business.
A licensed estate agent carrying on the business of estate agency work should apply for a valid statement of particulars of business for each of his places of business under a particular business name. This statement of particulars of business should be displayed in the location of the business where it can be easily seen by the public. If there are changes to such statement of particulars of business, the licensed estate agent should apply to EAA for such amendments.
A licensed estate agent carrying on the business of estate agency work should apply for a valid statement of particulars of business for each of his places of business under a particular business name. This statement of particulars of business should be displayed in the location of the business where it can be easily seen by the public. If there are changes to such statement of particulars of business, the licensed estate agent should apply to EAA for such amendments.
Which of the following is correct for a licensed estate agent carrying on the business of estate agency work?
I. Notify EAA within 31 days of employing a salesperson by completing Form 9 in the Schedule of the PR.
II. Notify EAA within 31 days of appointing a manager by completing Form 10 in the Schedule of the PR.
III. Notify EAA within 31 days of ceasing to employ a person as a salesperson or upon the termination of the appointment of a manager.
IV. Notify EAA as soon as practicable upon employing a salesperson by completing Form 9 in the Schedule of the PR.
V. Require the newly appointed salesperson or manager to notify EAA by completing the appropriate forms.
A licensed estate agent carrying on the business of estate agency work is required to notify EAA both events of employing and termination of a person as a salesperson within 31 days of such event by completing Form 9 in the Schedule of the PR. This also applies to the appointment of a manager but Form 10 should be completed for such.
A licensed estate agent carrying on the business of estate agency work is required to notify EAA both events of employing and termination of a person as a salesperson within 31 days of such event by completing Form 9 in the Schedule of the PR. This also applies to the appointment of a manager but Form 10 should be completed for such.
Which of the following is correct in relation to the use of forms when handling the sale and purchase or lease of residential properties in Hong Kong?
I. The client is responsible for obtaining the required forms and providing accurate information.
II. The directions and instructions specified by the respective forms should have complied when completing these forms.
III. The forms should be accompanied by related documents as specified in the respective forms.
IV. There is no need for additional documents when completing forms.
V. The licensed estate should get the information required as soon as possible and ensure that the information is accurate.
When handling the sale and purchase or lease of residential properties in Hong Kong, a licensed estate agency should obtain the information required for the completion of the respective forms and he must ensure the accuracy of such information. He should as well make sure that all the directions and instructions are followed and accompany the forms with related documents.
When handling the sale and purchase or lease of residential properties in Hong Kong, a licensed estate agency should obtain the information required for the completion of the respective forms and he must ensure the accuracy of such information. He should as well make sure that all the directions and instructions are followed and accompany the forms with related documents.
Which of the statements is expected to be done by a licensee in relation to offers received for a property?
When a licensee receives offers for a property, the licensee is required to disclose all of the offers received. While presenting, the licensee must make sure that it is done in an objective and fair manner.
When a licensee receives offers for a property, the licensee is required to disclose all of the offers received. While presenting, the licensee must make sure that it is done in an objective and fair manner.
During a financial year, the licensed estate agent did not receive any money from clients or on behalf of clients. What could be a possible outcome of such a situation?
When a licensed estate agent has not received any money from the client or held money on behalf of its client within a financial year, the EAA may require the license estate agent to submit a statutory declaration within the specified period.
When a licensed estate agent has not received any money from the client or held money on behalf of its client within a financial year, the EAA may require the license estate agent to submit a statutory declaration within the specified period.
A licensed estate agent who is engaged in estate agency business is preparing for a letter to be given to a client, what are the required information that should be stated in such letter?
I. Names of the directors of the company.
II. His license number or statements of particulars of business number.
III. The business name which is stated in the relevant statement of particulars of business.
IV. The date when the business permit was approved.
V. The location of the business.
A licensed estate agent who is engaged in estate agency business should include his license number or statements of particulars of business number, the business name which is stated in the relevant statement of particulars of business, and the location of the business in every document used in the business.
A licensed estate agent who is engaged in estate agency business should include his license number or statements of particulars of business number, the business name which is stated in the relevant statement of particulars of business, and the location of the business in every document used in the business.
A client who wanted to buy a property has reached out to the salesperson to extend his interest to a property handled by the concerned salesperson. What is the information that the salesperson is required to inform the client before pursuing the transaction with the client?
I. He is a licensed salesperson.
II. The duration of time that he has been engaged as a salesperson.
III. His license number.
IV. Information about when he passed the qualifying examination for salespersons.
V. The statement of the particulars of business.
Before a salesperson will engage in any estate agency work for a client, he must inform the client that he is a licensed salesperson and provide the client with his license number.
Before a salesperson will engage in any estate agency work for a client, he must inform the client that he is a licensed salesperson and provide the client with his license number.
Mr. Yap is a licensed estate agent who is engaged in the estate agency business and has a valid statement of particulars of business. What should Mr. Yap do in relation to the statement of particulars of business according to the Estate Agents Licensing Regulations (LR)?
I. He should not make any amendments to it once it is approved by EAA.
II. He should make the amendments approved by his managers and directors.
III. He should make sure that this is displayed in a very conspicuous place in this business location.
IV. He should apply to EAA if there are any amendments.
V. He should apply for a replacement in case this is lost, stolen, damaged, or destroyed as soon as possible.
A licensed estate agent who is engaged in estate agency business should apply for a valid statement of particulars of business. If approved by the EAA, this should be displayed in the most conspicuous area in the place of the business. In events that this might be lost, stolen, damaged, or destroyed, the licensed estate agent should apply for a replacement as soon as possible.
A licensed estate agent who is engaged in estate agency business should apply for a valid statement of particulars of business. If approved by the EAA, this should be displayed in the most conspicuous area in the place of the business. In events that this might be lost, stolen, damaged, or destroyed, the licensed estate agent should apply for a replacement as soon as possible.
What should a licensed estate agent observe and keep in mind at all times when creating and releasing an advertisement for a property?
I. It is the licensed estate agent’s discretion on what to include in the advertisement being the expert on this matter.
II. It should not include misleading statements.
III. A vendor’s written consent must be obtained before issuing any advertisements.
IV. It may not include the information that property is to be sublet because this can be disclosed if a client is interested and would inquire for further details about the property.
V. It should only include the prices or rental terms based on the instruction of the vendor.
Before a licensed estate agent issue any advertisement for a property, a prior vendor’s consent needs to be acquired first. The advertisement will include only accurate and not misleading statements or the information and will only include the prices, terms, or information that are instructed by the vendor.
Before a licensed estate agent issue any advertisement for a property, a prior vendor’s consent needs to be acquired first. The advertisement will include only accurate and not misleading statements or the information and will only include the prices, terms, or information that are instructed by the vendor.
Mike is a licensed estate agent whose license will expire on 11 December 2020. When can Mike apply for the renewal of his license in order for him to be able to continue doing estate agency work?
A licensee should apply for renewal of the license at least three months before the expiration but not less than one month before the expiration except if the licensee has a prior written consent from EAA to be allowed to apply for a shorter period.
A licensee should apply for renewal of the license at least three months before the expiration but not less than one month before the expiration except if the licensee has a prior written consent from EAA to be allowed to apply for a shorter period.
In what event that the EAA may request a licensed estate agent to furnish a statutory declaration?
The EAA may request a licensed estate agent to furnish a statutory declaration if, within a financial year, the licensed estate agent has not received any money or held money on behalf of clients during a financial year.
The EAA may request a licensed estate agent to furnish a statutory declaration if, within a financial year, the licensed estate agent has not received any money or held money on behalf of clients during a financial year.
One of the directors of a company holding an estate agent’s license has decided to resign as a director because of health reasons. What should the company do in accordance with the EAO for handling such situations?
According to the EAO, a company holding an estate agent’s license is required to notify the EAA within 31 days in both events of appointing and termination of a person as a directory by completing Form 11 in the Schedule to the PR.
According to the EAO, a company holding an estate agent’s license is required to notify the EAA within 31 days in both events of appointing and termination of a person as a directory by completing Form 11 in the Schedule to the PR.
What are the purposes of the promulgation of the Code of Ethics for estate agency work by the EAA?
I. It outlines the disciplinary sanctions for each violation incurred.
II. It states the provisions and laws and regulations to be followed.
III. It serves as a guide and directions for all parties engaged in the conduct of estate agency work.
IV. It sets common ethical standards that would serve as a baseline for all.
V. It promotes consistency of behavior that is expected in conducting work.
The Code of Ethics which is promulgated by the Estate Agents Authority(EAA) serves as guidance and it provides directions for all individuals in the conduct of estate agency work. With this, there will a set of standards that will serve as a baseline for what is the expected ethical standards of all the parties involved and thus would promote consistency.
The Code of Ethics which is promulgated by the Estate Agents Authority(EAA) serves as guidance and it provides directions for all individuals in the conduct of estate agency work. With this, there will a set of standards that will serve as a baseline for what is the expected ethical standards of all the parties involved and thus would promote consistency.
The Code of Ethics states that the relationship between agents and ethical standards to be observed in conducting the estate agency business must be observed. Which of the following statements demonstrates this provision?
I. Estate agents and salespersons shall refrain from doing any action that will denigrate the practices of other agencies.
II. Estate agents and salespersons shall not bring discredit to the estate agency trade.
III. Estate agents and salespersons shall be fully conversant with the laws in estate agency work.
IV. Estate agents and salespersons shall avoid restrictive business practices but instead promote fair competition.
V. Estate agents and salespersons must keep themselves updated on the developments of estate agency work.
The relationship between agents and ethical standards to be observed in conducting the estate agency business of the Code of Ethics states that estate agents and salespersons shall not undervalue the practices of other agencies in the business. In addition, they should refrain from doing actions that will discredit the estate agency trade directly or indirectly. They shall promote a good reputation for the estate agency trade and should promote fair competition.
The relationship between agents and ethical standards to be observed in conducting the estate agency business of the Code of Ethics states that estate agents and salespersons shall not undervalue the practices of other agencies in the business. In addition, they should refrain from doing actions that will discredit the estate agency trade directly or indirectly. They shall promote a good reputation for the estate agency trade and should promote fair competition.
In a written agreement with the vendor in a first sale of an undivided share in land wherein a property forms part by the vendor of such property, a licensed estate should ensure that the agreement states the following:
I. The information in Part 1 of Form 1 in the Schedule to the PR shall be obtained by the agent.
II. Whether the agent is also allowed to act for the purchaser.
III. The agent is not permitted to act for both the vendor and the purchaser.
IV. Except if the property is a unit in an uncompleted building, the vendor shall supply the agent with Part 2 of Form 1.
V. The amount of commission the agent shall receive upon the closure of the sale.
The written agreement shall state that whether the agent is allowed to act for the purchaser as well and in such case, all the beneficial interest the agent has in the property shall be disclosed in the agreement. The agreement shall also state that the agent shall acquire the information in Part 1 of Form 1 in the Schedule to the PR in compliance with the provisions of the Form or from the vendor is events he is unable but must be in accordance with the provisions as well. The vendor shall also provide the agent with Part 2 of Form 1 unless if the property is a unit in an uncompleted building.
The written agreement shall state that whether the agent is allowed to act for the purchaser as well and in such case, all the beneficial interest the agent has in the property shall be disclosed in the agreement. The agreement shall also state that the agent shall acquire the information in Part 1 of Form 1 in the Schedule to the PR in compliance with the provisions of the Form or from the vendor is events he is unable but must be in accordance with the provisions as well. The vendor shall also provide the agent with Part 2 of Form 1 unless if the property is a unit in an uncompleted building.
Who is allowed to conduct an inspection of the records maintained by a licensed estate agent in relation to its conduct of estate agency work?
Since licensed estate agents are required to keep a record of all listings of properties and copies of all estate agency agreements entered, only EAA officers with written authorization are allowed to conduct an inspection of such records.
Since licensed estate agents are required to keep a record of all listings of properties and copies of all estate agency agreements entered, only EAA officers with written authorization are allowed to conduct an inspection of such records.
If the property that was for sale or purchase or for lease is no longer available, when should a licensed estate agent remove all advertisements for the property concerned?
A licensed estate agent should remove all advertisements when the property that was for sale or purchase or for lease is no longer available as soon as possible for the agent to do so.
A licensed estate agent should remove all advertisements when the property that was for sale or purchase or for lease is no longer available as soon as possible for the agent to do so.
When a licensee conducts a negotiation, what is the expected action of a licensee?
A licensee shall not claim that an offer has been made by a purchaser if it does not exists. When offers are received from purchasers, all of these must be presented to the vendor in the order that it was received with no biases and in the most objective manner.
A licensee shall not claim that an offer has been made by a purchaser if it does not exists. When offers are received from purchasers, all of these must be presented to the vendor in the order that it was received with no biases and in the most objective manner.
Identify which statements are CORRECT for all licensed estate agents carrying on the business of estate agency work.
I. Form 12 in the Schedule to PR must be completed within three months after the appointment and within 31 days after the termination of a manager.
II. Form 12 in the Schedule to PR must be completed within 31 days during the appointment and termination of a manager.
III. A manager should be appointed for each of the offices for effective control and management.
IV. There is no need to appoint a separate manager for each of the offices as long as there are established protocols and communication channels among the different offices.
V. All salespersons current and prospective should have an estate agent’s or salesperson’s licenses.
Licensed estate agents carrying on the business of estate agency work should appoint a manager to manage each of the offices in cases where there is more than one office. This manager should be a licensed estate agent. When selecting individuals to work for the business as salespersons, it must make sure that they have an estate agent’s or salesperson’s licenses.
Licensed estate agents carrying on the business of estate agency work should appoint a manager to manage each of the offices in cases where there is more than one office. This manager should be a licensed estate agent. When selecting individuals to work for the business as salespersons, it must make sure that they have an estate agent’s or salesperson’s licenses.
Select which statements are applicable to all licensees employed as a salesperson by an estate agent.
I. He is not allowed to receive money from clients, instead money should be directly paid to the employer of the salesperson.
II. He should be able to send a letter of notification to EAA when upon employment.
III. He should make sure that his employer is a licensed estate agent when he is employed as a salesperson.
IV. In an event where a licensee employed as a salesperson receives money from a client, he should immediately give such money to his employer.
V. He should work in the employer for a minimum of three years before he can transfer to another employer.
If a licensee is working as a salesperson for a licensed estate agent, he has to make sure that his employer is a holder of a valid license as an estate agent. In the conduct of his work, if he received money from the client, he should right away give such money to his employer.
If a licensee is working as a salesperson for a licensed estate agent, he has to make sure that his employer is a holder of a valid license as an estate agent. In the conduct of his work, if he received money from the client, he should right away give such money to his employer.
There are some situations wherein forms are not prescribed for the purposes of the EAO. Which are examples of such situations?
I. When there is no estate agent representing the vendor.
II. If the tenant does not have an estate agent representation.
III. When the property for sale or purchase or for lease is a car parking space alone.
IV. If the property for lease is not a self-contained unit.
V. When a residential property forms part of the first sale of an undivided share in land.
There is no form prescribed for the purposes of the EAO when a car parking space alone is the property for sale and purchase or for lease. If a not self-contained unit is for lease or during the first sale of an undivided share in land in a residential property is part of.
There is no form prescribed for the purposes of the EAO when a car parking space alone is the property for sale and purchase or for lease. If a not self-contained unit is for lease or during the first sale of an undivided share in land in a residential property is part of.
Which of the following statements is CORRECT if an estate agency agreement for a property concerned is entered into by a licensed estate agent?
I. A licensed estate agent should inform the client only of the good offers received and excluding those offers that he deemed not good offers.
II. A licensed estate agent should ensure to inform the vendor of any offers received for the property.
III. A licensed estate agent should make sure that the client is aware of all the beneficial interests that he may get if the property will be successfully disposed of.
IV. A licensed estate agent should not enter into an agreement where he will be acting as a vendor and purchaser.
V. A licensed estate agent should inform both the vendor and the purchaser is he is acting as both.
A licensed estate agent should inform the vendor and the purchaser if he is acting for both. When he receives an offer for a property, he is required to inform the vendor of all offers. The license estate agent as well should disclose to the client of any benefits such as commissions or whatsoever that he will possibly receive from the property concerned.
A licensed estate agent should inform the vendor and the purchaser if he is acting for both. When he receives an offer for a property, he is required to inform the vendor of all offers. The license estate agent as well should disclose to the client of any benefits such as commissions or whatsoever that he will possibly receive from the property concerned.
Why is a licensed estate agent required by EAA to provide a certificate issued by a certified public accountant?
A certificate issued by a certified public accountant may be required by the EAA from the licensed estate agent as proof or certification that proper account is maintained in accordance with section 12(1) of the PR.
A certificate issued by a certified public accountant may be required by the EAA from the licensed estate agent as proof or certification that proper account is maintained in accordance with section 12(1) of the PR.
Which of the following statements is TRUE in relation to an ex-holder of an estate agent’s or salesperson’s license?
Ex-holder of an estate agent’s or salesperson’s license can apply for the same type of license or switch to another license provided they meet the requirements for such license and the application is made within the indicated relevant period.
Ex-holder of an estate agent’s or salesperson’s license can apply for the same type of license or switch to another license provided they meet the requirements for such license and the application is made within the indicated relevant period.
When withdrawing money from a trust account, what should a license estate agent observe and follow?
I. Money withdrawals should only be done according to the client’s instructions.
II. Withdrawals of money are only through cheque or by an electronic funds transfer.
III. A licensed estate agent may withdraw money in cash if permitted by the client.
IV. A licensed estate agent is not allowed to withdraw money on behalf of the client.
V. A licensed estate agent may withdraw money anytime without the consent of the client as long as it is properly recorded.
A licensed estate agent may withdraw money from a trust fund if being instructed only by the client. Such withdrawals may only be done through cheque or by an electronic funds transfer.
A licensed estate agent may withdraw money from a trust fund if being instructed only by the client. Such withdrawals may only be done through cheque or by an electronic funds transfer.
Which of the following should be acted upon by estate agents and salespersons which exhibits upholding ethics and moral standards?
I. Estate agents and salespersons must make it a priority that the interests of their clients are protected.
II. Estate agents and salespersons should only do what is instructed by the client and making sure that these instructions are according to the estate agency agreement.
III. Estate agents and salespersons should be fair in conducting transactions to all clients involved.
IV. Estate agents and salespersons should attend training and workshops to make themselves updated.
V. Estate agents and salespersons must keep a proper recording of all transactions entered.
Estate agents and salespersons are expected to be ethical and moral while doing their practice of work. This can be done by making sure that they protect and promote the interests of their clients. Following only the instructions of the clients that are stated in the estate agency agreement. Must be fair to all parties involved.
Estate agents and salespersons are expected to be ethical and moral while doing their practice of work. This can be done by making sure that they protect and promote the interests of their clients. Following only the instructions of the clients that are stated in the estate agency agreement. Must be fair to all parties involved.
Which of the following statements are applicable all licensees?
I. A licensee may apply for replacement of a lost license after six months from the time it was lost.s
II. When doing estate agency work, a licensee should only use the name indicated in his license.
III. A license should immediately stop doing any estate agency work when suspension or revocation imposed on him takes effect.
IV. EAA must be notified by a licensee when he ceased to be engaged in estate agency work within six months after the stoppage.
V. Form 8 must be completed within 31 days of not engaging anymore in estate agency work by a licensee.
All licensees are required to use only the names specified in their licenses. In case that his license his suspended or revoked under any circumstances, the licensee must stop immediately performing estate agency work. The licensee as well is required to notify EAA within 31 days when he is no longer engaged in estate agency work.
All licensees are required to use only the names specified in their licenses. In case that his license his suspended or revoked under any circumstances, the licensee must stop immediately performing estate agency work. The licensee as well is required to notify EAA within 31 days when he is no longer engaged in estate agency work.
All companies that are holders of an estate agent’s license must:
I. Ensure that at least one of its directors has a valid estate agent’s license.
II. Employ make sure that all of its directors have both a valid estate agent’s and a salesperson’s license.
III. Have at least one director who is a holder of a valid estate agent’s license issued by EAA.
IV. Make sure that all of its directors have a valid estate agent’s license issued by EAA.
V. Notify EAA within 31 days of appointing a person as a director or when such a person ceases to be a director by completing Form 11 in the Schedule of the PR.
All companies that are holders of an estate agent’s license are required to have at least one director who has a valid license. If it has more than one director, all of them should have a valid license as well. EAA must be notified within 31 days of the appointment of a person as director or if the person ceased to be a director.
All companies that are holders of an estate agent’s license are required to have at least one director who has a valid license. If it has more than one director, all of them should have a valid license as well. EAA must be notified within 31 days of the appointment of a person as director or if the person ceased to be a director.
Which of the following are examples of minimizing any conflict of interest?
I. Estate agents and salespersons should not do any action which may give a negative impact on the estate agency trade.
II. Estate agents and salespersons should do their duties with due care and diligence.
III. Estate agents and salespersons should not accept any appointments or transactions for any property in which they have a beneficial interest.
IV. If events, where estate agents and salespersons are representing both the vendor and the purchaser, both the clients, must be informed.
V. Estate agents and salespersons should be updated with the latest development in the laws and regulations relevant to real estate.
One of the sections in the Code of Ethics is that estate agents and salespersons are expected to minimize any conflict of interest situations. Examples of these situations are, state agents and salespersons should not involve themselves in any transactions of a property in which they have beneficial interests. Also, in situations where they are acting as both the vendor and the purchaser, this must be known to both clients.
One of the sections in the Code of Ethics is that estate agents and salespersons are expected to minimize any conflict of interest situations. Examples of these situations are, state agents and salespersons should not involve themselves in any transactions of a property in which they have beneficial interests. Also, in situations where they are acting as both the vendor and the purchaser, this must be known to both clients.
Identify which of the statements are applicable to companies holding an estate agent’s licence.
I. It should have at least one director who has a valid license while the other directors may not have a valid license.
II. It should notify EAA upon the appointment of a director and does not need to notify EAA when a director ceases to be one.
III. It should have at least one director who is a holder of a valid license issued by EAA.
IV. It should submit Form 11 in the Schedule of the PR to EAA to notify its appointment of a director or ceasing to be a director of a person in the company.
V. It should make sure that all of its directors are compliant to section 20(3) of the EAO.
All companies holding an estate agent’s license are required to have a least one director who has a valid license and if it has more than one, all of them should have valid licenses as well. It is also demanded to send a notification using Form 11 of the Schedule of the PR to EAA upon the appointment of a director and of stopping to be a director.
All companies holding an estate agent’s license are required to have a least one director who has a valid license and if it has more than one, all of them should have valid licenses as well. It is also demanded to send a notification using Form 11 of the Schedule of the PR to EAA upon the appointment of a director and of stopping to be a director.
Which of the following events require that a form must be completed?
I. When the property is a car parking space alone.
II. When acting as a purchaser and the vendor does not have representation by any estate agent.
III. When a licensed estate agent is acting for a vendor in the sale of a property.
IV. When the property for lease is not a self-contained unit.
V. When in the lease of a property, a licensed estate agent is acting for a landlord.
As state in the Code of Ethics, there are some situations where the appropriate forms are required to be completed such as when a licensed estate agent is acting for a purchaser but the vendor is not represented by an estate agent, Form 1 must be completed. Also, when a licensed estate agent is acting for a vendor, he has to complete Form 3 with the vendor. Another is a licensed estate agent is acting for a landlord when a property is for lease, he should complete Form 5 with the landlord.
As state in the Code of Ethics, there are some situations where the appropriate forms are required to be completed such as when a licensed estate agent is acting for a purchaser but the vendor is not represented by an estate agent, Form 1 must be completed. Also, when a licensed estate agent is acting for a vendor, he has to complete Form 3 with the vendor. Another is a licensed estate agent is acting for a landlord when a property is for lease, he should complete Form 5 with the landlord.
Sam is a licensed estate agent and is now subjected to an inquiry or investigation by EAA in relation to his estate agency work. What should Sam do in this kind of situation?
All licensees may be subjected to an inquiry or investigation by the EAA given due causes. During this time, the licensee must be fully cooperative and provide the EAA with accurate and not misleading statements.
All licensees may be subjected to an inquiry or investigation by the EAA given due causes. During this time, the licensee must be fully cooperative and provide the EAA with accurate and not misleading statements.
Which of the following situations where no form is prescribed for the purposes of the EAO?
No forms prescribed for the purposes of the EAO when the property for sale and purchase or lease is a car parking space. If the property for lease is not a self-contained unit and in the first sale of an undivided share in land which a part of it is residential.
No forms prescribed for the purposes of the EAO when the property for sale and purchase or lease is a car parking space. If the property for lease is not a self-contained unit and in the first sale of an undivided share in land which a part of it is residential.
Kevin is interested to purchase a property that he saw from an advertisement. So, he made a call and contacted the licensed estate agent, what should the licensed estate agent do before entering into an agreement with such purchaser?
I. Prior to the advertising of the property.
II. An agreement should be done before the arrangement of inspection of the property by the purchaser.
III. After the purchase has viewed or inspected the property.
IV. After the signing of the agreement for the sale and purchase and or a lease of the property with the purchaser.
V. The agreement must be done only before the agreement for sale and purchase and or a lease of the property has been signed.
All licensed estate agents may only enter into an agreement with a purchaser only in the following events, whichever is earlier. Before the purchaser has viewed or inspected the property and before the signing of the agreement for sale and purchase or a lease of the property with the purchaser.
All licensed estate agents may only enter into an agreement with a purchaser only in the following events, whichever is earlier. Before the purchaser has viewed or inspected the property and before the signing of the agreement for sale and purchase or a lease of the property with the purchaser.
In terms of advertising a property, which of the following should a licensed estate agent consider?
When advertising a property, the licensed estate agent should get first a consent from the vendor and must include only information in the advertisements as instructed by the vendor.
When advertising a property, the licensed estate agent should get first a consent from the vendor and must include only information in the advertisements as instructed by the vendor.
A licensee has received two jobs offers as a salesperson from different employers. What should a licensee consider as a priority in choosing from the two job offers among other factors?
It is important that the licensee must make sure that his prospective employer is a holder of a valid estate agent license before pursuing such employment.
It is important that the licensee must make sure that his prospective employer is a holder of a valid estate agent license before pursuing such employment.
When a licensee receives an offer for a property, what is the proper action of a licensee related to this event?
A licensee is required to inform a client for all offers received accordingly. He has to make sure that in presenting the offer, it is objective and fair.
A licensee is required to inform a client for all offers received accordingly. He has to make sure that in presenting the offer, it is objective and fair.
When a licensee receives an offer for a property, a licensee should:
I. Present to the client only the good offers and exclude those offers that he may consider as not very good offers.
II. Present all offers received to the client as soon as possible after the acceptance of the offer.
III. Disclose to the client all the offers received in the order it was received.
IV. Provide his expert opinion to the client in order to influence the client to select the most beneficial agreement for him.
V. Present to the client the offers received in an objective and fair manner.
If offers are received for a property, the licensee should present all offers received to the client in the order as it was received and must be objective and unbiased in doing so.
If offers are received for a property, the licensee should present all offers received to the client in the order as it was received and must be objective and unbiased in doing so.
Which of the following statements are applicable to holders or ex-holders of an estate agent’s license?
I. A holder of an estate agent’s license is allowed to apply for the grant of a salesperson’s license.
II. An ex-holder may apply for a salesperson’s license provided the application is made within the relevant period.
III. A holder is not allowed to switch to a salesperson’s license.
IV. An ex-holder can apply for the same type of license at any time.
V. An ex-holder can apply for a salesperson’s license if passed a qualifying examination for salespersons.
Holders of an estate agent’s license can apply for a salesperson’s license without any additional requirements to meet. Ex-holders of an estate agent’s license as well can apply for the same license as long as he makes the application within the allowed period.
Holders of an estate agent’s license can apply for a salesperson’s license without any additional requirements to meet. Ex-holders of an estate agent’s license as well can apply for the same license as long as he makes the application within the allowed period.
When acting for a vendor and before entering into an agreement for the sale and purchase or a lease for a property, what should a license do?
I. Inform the purchaser to arrange a viewing and inspection of the property with the vendor.
II. Conduct an update-to-date land search of the property concerned.
III. Proceed with the agreement without an up-to-date land search if the documents of the property are within his possession.
IV. Require the vendor an initial payment for his commission.
V. Give the purchaser a copy of the up-to-date land search.
An up-to-date land search must be conducted by a licensee and a copy of such should be given to the purchaser before entering into an agreement for the sale and purchase or a lease for a property.
An up-to-date land search must be conducted by a licensee and a copy of such should be given to the purchaser before entering into an agreement for the sale and purchase or a lease for a property.
In relation to property inspection and viewing by a purchaser, which statements are true?
I. A licensee may arrange any property inspection and viewing by a purchaser without the consent of the vendor because the licensee is acting for the vendor.
II. A licensee should direct the interested purchaser to the vendor so they can arrange by themselves.
III. A licensee is expected to assist the purchaser in making the necessary arrangements.
IV. A licensee must accompany the purchaser except if the purchaser instructed the licensee not to do so.
V. A vendor’s consent must be acquired first before the arrangement of property inspection and viewing by a purchaser.
A licensee should obtain first the vendor’s consent for any property inspection and viewing by a purchaser. After getting the consent, the licensee should assist in making the arrangement with the purchaser and should accompany the purchaser except if the purchaser instructs the licensee not to accompany.
A licensee should obtain first the vendor’s consent for any property inspection and viewing by a purchaser. After getting the consent, the licensee should assist in making the arrangement with the purchaser and should accompany the purchaser except if the purchaser instructs the licensee not to accompany.
Which of the following statements is applicable to all licensees?
All licensee should are required to notify EAA if there is a change in the registered address. The notification should be done within 14 days of such change.
All licensee should are required to notify EAA if there is a change in the registered address. The notification should be done within 14 days of such change.
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